# Actual meaning of 7% interest on above 1 lakh in savings account! **URL:** \ **Category:** Updates\ **Created:** [June 13, 2021, 4:58pm UTC](https://community.goniyo.com/t/actual-meaning-of-7-interest-on-above-1-lakh-in-savings-account/7081 "2021-06-13T16:58:54Z")\ **Posts on this page:** 19\ **Page:** 1
**Author:** ![Harshit\_Parmar](https://sea1.discourse-cdn.com/flex021/user_avatar/community.goniyo.com/harshit_parmar/32/6015_2.png) [@Harshit\_Parmar](https://community.goniyo.com/u/Harshit_Parmar)\ **Post date:** [June 13, 2021, 4:58pm UTC](https://community.goniyo.com/t/actual-meaning-of-7-interest-on-above-1-lakh-in-savings-account/7081/1 "2021-06-13T16:58:54Z")
Example : if my account balance is 100001 . Then 7% interest calculated over whole 100001 rupees or only on 1 rupee ? ANS ME … ---
**Author:** ![Ajazmohd](https://sea1.discourse-cdn.com/flex021/user_avatar/community.goniyo.com/ajazmohd/32/3615_2.png) [@Ajazmohd](https://community.goniyo.com/u/Ajazmohd)\ **Post date:** [June 13, 2021, 5:03pm UTC](https://community.goniyo.com/t/actual-meaning-of-7-interest-on-above-1-lakh-in-savings-account/7081/2 "2021-06-13T17:03:46Z")
It is calculated only on the amount above 1 lakh I,e 1 ---
**Author:** ![ashrithjain](https://sea1.discourse-cdn.com/flex021/user_avatar/community.goniyo.com/ashrithjain/32/14659_2.png) [@ashrithjain](https://community.goniyo.com/u/ashrithjain)\ **Post date:** [June 13, 2021, 5:03pm UTC](https://community.goniyo.com/t/actual-meaning-of-7-interest-on-above-1-lakh-in-savings-account/7081/3 "2021-06-13T17:03:49Z")
Hello @Harshit_Parmar . Firstly, welcome to Niyo Community! The interest rate is calculated as follows: a) 0 to 1,00,000 at 3.5% p.a b) 1,00,000 to 1,00,00,000 at 7.0% p.a c) 1,00,00,000 to 50,00,00,000 at 6.0% p.a d) For anything above 50 Crs, kindly contact Equitas Bank Hope this helps! If you have any other queries, feel free to reach out again! ---
**Author:** ![Harshit\_Parmar](https://sea1.discourse-cdn.com/flex021/user_avatar/community.goniyo.com/harshit_parmar/32/6015_2.png) [@Harshit\_Parmar](https://community.goniyo.com/u/Harshit_Parmar)\ **Post date:** [June 13, 2021, 5:08pm UTC](https://community.goniyo.com/t/actual-meaning-of-7-interest-on-above-1-lakh-in-savings-account/7081/4 "2021-06-13T17:08:16Z")
If i have 150000 rupees in my account, then effectively rate of interest is less than 7 on whole amount (combined) ? ---
**Author:** ![ashrithjain](https://sea1.discourse-cdn.com/flex021/user_avatar/community.goniyo.com/ashrithjain/32/14659_2.png) [@ashrithjain](https://community.goniyo.com/u/ashrithjain)\ **Post date:** [June 13, 2021, 5:10pm UTC](https://community.goniyo.com/t/actual-meaning-of-7-interest-on-above-1-lakh-in-savings-account/7081/5 "2021-06-13T17:10:23Z")
In this case, the first 1 lac will earn 3.5% interest p.a and the 50,000 will earn 7.0% interest p.a. ---
**Author:** ![ashrithjain](https://sea1.discourse-cdn.com/flex021/user_avatar/community.goniyo.com/ashrithjain/32/14659_2.png) [@ashrithjain](https://community.goniyo.com/u/ashrithjain)\ **Post date:** [June 13, 2021, 5:13pm UTC](https://community.goniyo.com/t/actual-meaning-of-7-interest-on-above-1-lakh-in-savings-account/7081/6 "2021-06-13T17:13:58Z")
You may refer here for detailed information: > [@On another topic](https://community.goniyo.com/t/7071/2): > > You will be earning 3.5% of interest p.a. on your first 1 lakh balance. On amounts above ₹1 lakh, you will be earning an interest of 7% p.a. > Interest will be calculated based on your daily EOD balance and credited to your account on a quarterly basis. ---
**Author:** ![Harshit\_Parmar](https://sea1.discourse-cdn.com/flex021/user_avatar/community.goniyo.com/harshit_parmar/32/6015_2.png) [@Harshit\_Parmar](https://community.goniyo.com/u/Harshit_Parmar)\ **Post date:** [June 13, 2021, 6:34pm UTC](https://community.goniyo.com/t/actual-meaning-of-7-interest-on-above-1-lakh-in-savings-account/7081/7 "2021-06-13T18:34:23Z")
What code they ask to get rewards about when opening new niyox account? ---
**Author:** ![Bansari](https://sea1.discourse-cdn.com/flex021/user_avatar/community.goniyo.com/bansari/32/15059_2.png) [@Bansari](https://community.goniyo.com/u/Bansari)\ **Post date:** [June 14, 2021, 5:18am UTC](https://community.goniyo.com/t/actual-meaning-of-7-interest-on-above-1-lakh-in-savings-account/7081/8 "2021-06-14T05:18:11Z")
Hi All, Kindly refer this for better understanding as to how the interest is calculated. We’re here to make banking smarter, safer and simpler for you. And while we’re at it, here’s breaking down some basics for you. Ever wondered how your savings account interest rate is calculated? The answer is here: At present, your bank calculates interest rate on a daily basis on your closing amount. The interest accumulated is paid quarterly or half-yearly depending on your bank. Ideally, the RBI expects banks to credit savings bank interest rates on a quarterly basis. So here’s the calculation. Assume (just assume 😉) that your bank provides you with an interest rate of a whopping 7% above ₹1 Lakh in your savings account. (And below ₹1 Lakh, you’re getting an interest of 3.5%) So, for a balance \<= ₹1Lac, 3.5% interest rate is provided on the whole balance. For a balance \> ₹1 Lac, 3.5% interest rate is provided on the ₹1 Lac, and 7% interest rate is provided on the remaining balance. Interest is calculated daily on EoD balance: (EoD Balance) \* (3.5% or 7% interest) \* (Number of days in quarter/365) Interest is accrued on daily basis and is credited to the customer’s savings account at the end of the quarter. Hope this helps! Cheers! ---
**Author:** ![KOUSHIK\_MAMILLAPALLI](https://sea1.discourse-cdn.com/flex021/user_avatar/community.goniyo.com/koushik_mamillapalli/32/6726_2.png) [@KOUSHIK\_MAMILLAPALLI](https://community.goniyo.com/u/KOUSHIK_MAMILLAPALLI)\ **Post date:** [June 15, 2021, 1:10am UTC](https://community.goniyo.com/t/actual-meaning-of-7-interest-on-above-1-lakh-in-savings-account/7081/9 "2021-06-15T01:10:46Z")
But you guys promised 6% interest rate if amount is less than one lakh. So that’s fake?? ---
**Author:** ![Bansari](https://sea1.discourse-cdn.com/flex021/user_avatar/community.goniyo.com/bansari/32/15059_2.png) [@Bansari](https://community.goniyo.com/u/Bansari)\ **Post date:** [June 15, 2021, 5:09am UTC](https://community.goniyo.com/t/actual-meaning-of-7-interest-on-above-1-lakh-in-savings-account/7081/10 "2021-06-15T05:09:04Z")
@KOUSHIK_MAMILLAPALLI In this thread we are referring to the NiyoX 2 in 1 savings account partnered by Equitas Small Finance bank, hope you are referring the same. Cheers! Bansari ---
**Author:** ![KOUSHIK\_MAMILLAPALLI](https://sea1.discourse-cdn.com/flex021/user_avatar/community.goniyo.com/koushik_mamillapalli/32/6726_2.png) [@KOUSHIK\_MAMILLAPALLI](https://community.goniyo.com/u/KOUSHIK_MAMILLAPALLI)\ **Post date:** [June 15, 2021, 4:12pm UTC](https://community.goniyo.com/t/actual-meaning-of-7-interest-on-above-1-lakh-in-savings-account/7081/11 "2021-06-15T16:12:44Z")
@Bansari I’m Referring to the same. I have opened A/c in your Bank hoping atleast I’ll get 6% as told by your campaign somewhere and now i feel cheated, after getting to know that it’s just like any other bank. ---
**Author:** ![Vive\_k](https://sea1.discourse-cdn.com/flex021/user_avatar/community.goniyo.com/vive_k/32/16612_2.png) [@Vive\_k](https://community.goniyo.com/u/Vive_k)\ **Post date:** [June 16, 2021, 12:18am UTC](https://community.goniyo.com/t/actual-meaning-of-7-interest-on-above-1-lakh-in-savings-account/7081/12 "2021-06-16T00:18:03Z")
You have read the terms and conditions then understand it and read again if you have so many confusion and after that if you think they have cheated the contact them. ---
**Author:** ![Bansari](https://sea1.discourse-cdn.com/flex021/user_avatar/community.goniyo.com/bansari/32/15059_2.png) [@Bansari](https://community.goniyo.com/u/Bansari)\ **Post date:** [June 17, 2021, 11:05am UTC](https://community.goniyo.com/t/actual-meaning-of-7-interest-on-above-1-lakh-in-savings-account/7081/13 "2021-06-17T11:05:40Z")
Hi @KOUSHIK_MAMILLAPALLI Kindly help us with the screenshot of the campaign you are referring to. In NiyoX you will be earning 3.5% of interest p.a. on your first 1 lakh balance. On amounts above ₹1 lakh, you will be earning an interest of 7% p.a. Hope that clear your doubts. Cheers! Bansari ---
**Author:** ![Suraj\_Maurya](https://sea1.discourse-cdn.com/flex021/user_avatar/community.goniyo.com/suraj_maurya/32/7912_2.png) [@Suraj\_Maurya](https://community.goniyo.com/u/Suraj_Maurya)\ **Post date:** [June 26, 2021, 6:05pm UTC](https://community.goniyo.com/t/actual-meaning-of-7-interest-on-above-1-lakh-in-savings-account/7081/14 "2021-06-26T18:05:58Z")
What is rate % and intreste of zero Balance account and when it come on account months or years ---
**Author:** ![ashrithjain](https://sea1.discourse-cdn.com/flex021/user_avatar/community.goniyo.com/ashrithjain/32/14659_2.png) [@ashrithjain](https://community.goniyo.com/u/ashrithjain)\ **Post date:** [June 26, 2021, 9:35pm UTC](https://community.goniyo.com/t/actual-meaning-of-7-interest-on-above-1-lakh-in-savings-account/7081/15 "2021-06-26T21:35:15Z")
Hey @Suraj_Maurya! Welcome to Niyo community. > [@Bansari](#): > > Hi All, > > Kindly refer this for better understanding as to how the interest is calculated. > > We’re here to make banking smarter, safer and simpler for you. And while we’re at it, here’s breaking down some basics for you. > > Ever wondered how your savings account interest rate is calculated? The answer is here: > At present, your bank calculates interest rate on a daily basis on your closing amount. The interest accumulated is paid quarterly or half-yearly depending on your bank. Ideally, the RBI expects banks to credit savings bank interest rates on a quarterly basis. > > So here’s the calculation. Assume (just assume 😉) that your bank provides you with an interest rate of a whopping 7% above ₹1 Lakh in your savings account. (And below ₹1 Lakh, you’re getting an interest of 3.5%) > > So, for a balance \<= ₹1Lac, 3.5% interest rate is provided on the whole balance. > For a balance \> ₹1 Lac, 3.5% interest rate is provided on the ₹1 Lac, and 7% interest rate is provided on the remaining balance. > > Interest is calculated daily on EoD balance: (EoD Balance) \* (3.5% or 7% interest) \* (Number of days in quarter/365) > > Interest is accrued on daily basis and is credited to the customer’s savings account at the end of the quarter. > > Hope this helps! > Cheers! Hope this helps! If you have any other concerns, feel free to reach out again! ---
**Author:** ![KOUSHIK\_MAMILLAPALLI](https://sea1.discourse-cdn.com/flex021/user_avatar/community.goniyo.com/koushik_mamillapalli/32/6726_2.png) [@KOUSHIK\_MAMILLAPALLI](https://community.goniyo.com/u/KOUSHIK_MAMILLAPALLI)\ **Post date:** [August 8, 2021, 8:23pm UTC](https://community.goniyo.com/t/actual-meaning-of-7-interest-on-above-1-lakh-in-savings-account/7081/16 "2021-08-08T20:23:16Z")
Posting you a screen shot saying that niyo idfc is offering 6 percent. Kindly confirm at least whether this is true or not. ![Screenshot_2021-08-09-01-49-10-576_com.android.chrome.jpg](https://us1.discourse-cdn.com/flex021/uploads/goniyo/original/2X/a/aa15d6fd25730268dad86f19d0e3cb4c3d5c29c2.jpeg) ---
**Author:** ![ashrithjain](https://sea1.discourse-cdn.com/flex021/user_avatar/community.goniyo.com/ashrithjain/32/14659_2.png) [@ashrithjain](https://community.goniyo.com/u/ashrithjain)\ **Post date:** [August 9, 2021, 11:08am UTC](https://community.goniyo.com/t/actual-meaning-of-7-interest-on-above-1-lakh-in-savings-account/7081/17 "2021-08-09T11:08:43Z")
Hey @KOUSHIK_MAMILLAPALLI ! It’s good to see you back in the community! We request you to check offical IDFC FIRST Bank website to know the interest rates offered for IDFC FIRST SA. Refer here: [Best Savings Account Interest Rates 2021 | IDFC FIRST Bank](https://www.idfcfirstbank.com/personal-banking/accounts/savings-account/interest-rate) ---
**Author:** ![Vaibhav\_Henry](https://sea1.discourse-cdn.com/flex021/user_avatar/community.goniyo.com/vaibhav_henry/32/15677_2.png) [@Vaibhav\_Henry](https://community.goniyo.com/u/Vaibhav_Henry)\ **Post date:** [October 28, 2021, 8:15am UTC](https://community.goniyo.com/t/actual-meaning-of-7-interest-on-above-1-lakh-in-savings-account/7081/18 "2021-10-28T08:15:55Z")
Hi Bansari, I’ve been with the bank for 4 months but haven’t received any interest yet. The account was opened on June 30th (I received Re 1), post then I’ve done multiple transactions/deposits. Whom should I connect to? Best, Vaibhav ---
**Author:** ![ashrithjain](https://sea1.discourse-cdn.com/flex021/user_avatar/community.goniyo.com/ashrithjain/32/14659_2.png) [@ashrithjain](https://community.goniyo.com/u/ashrithjain)\ **Post date:** [October 28, 2021, 11:06am UTC](https://community.goniyo.com/t/actual-meaning-of-7-interest-on-above-1-lakh-in-savings-account/7081/19 "2021-10-28T11:06:43Z")
Hey @Vaibhav_Henry ! Welcome to :niyo_community: **Community**. The interest payouts are paid on quarterly basis. Please wait until the next quarter to get your interest payout. Regards,